EFA Withdrawals and Payments
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
Additional Knowledge Expected of CFP Professionals
- Identify the services that may be paid for using funds from an Eligible Funeral Arrangement.
- Funeral services
- Cemetery services
- Explain funeral services that may be paid for using funds from an Eligible Funeral Arrangement, such as:
- Services or supplies provided by a funeral director for the care and embalming of the deceased;
- A casket for the deceased;
- Services or supplies provided by a funeral director in connection with the funeral rite for the deceased; and
- The transportation of the deceased, including transportation of the deceased from a place outside Canada to a place in Canada where the funeral ceremony is to be held, assuming that such transportation is provided under an arrangement made in Canada with a qualifying person.
- Explain cemetery services that may be paid for using funds from an Eligible Funeral Arrangement, such as:
- Internment vaults / caskets
- Grave markers
- Flowers
- Casket liners
- Urns
- Shrubs and wreaths
- Service directly related to cemetery arrangements in Canada in consequence of an individual’s death
- Explain how a surplus within an Eligible Funeral Arrangement is handled after all payments have been made to cover funeral and cemetery services.